08:40 17 September 2013
How can you be a victim of mis-sold mortgage?
It indeed pays to understand the market before signing your name on the dotted line of your mortgage documents. Some brokers, instead of getting their client the best deal for their mortgages work out for them a contract with higher interest rates even a better deal is available. This is a clear case of mis-sold mortgage.
Some borrowers are given interest only mortgages and they are not even aware that no matter how prompt they pay their mortgage, the principal loan amount is not reduced because almost all of their payment just goes to interest payment. This can also be considered as a mis-sold mortgage.
Another way of mis-selling mortgages is by incorporating unnecessary insurance coverage, paid over a number of years with the mortgage and this could really tally up to a big amount of money. Brokers do this for very obvious reasons, to earn more from the account through additional commissions from the insurance company.
Extending the payment terms without the client’s knowledge is also a form of mis-sold mortgages. The client ends up paying more for interest charges when they could have opted for a shorter payment term if it was fully explained to them.
If you believe you have been mis-sold mortgage compensation, you should endeavour to understand what you can legally claim. It will be better to seek the help of experts because your efforts of claiming can be easily thwarted by the expert sparring of brokers at every turn leaving us frustrated and discouraged by the complicated process of reclaiming. No matter how complicated the process may be you should consider that if you persevere, you could reclaim thousands that rightfully belongs to you.
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